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As a business owner, you have to aware of current business trends to run the business smoothly. Then business owners notice the significant changes in accounting and bookkeeping.  Still accounting field is intimidating, but today’s technology made it simpler by cloud accounting software introduction. Cloud accounting software is the perfect solution for small business owners who don’t need to hire an expert accountant.

In case you’re uncertain about adopting this technology, take a look at the many benefits of it below.

User-friendly

If you don’t have knowledge of accounting methods, then cloud-based accounting software is the perfect solution for business. Even non- accountants can also able to handle the cloud accounting software to manage their business accounting in an accurate manner. Then the business owners get the overview of business financial health. It is useful software in achieving business targets and it is user-friendly software. User doesn’t need training on this cloud accounting software.

Organization

All finance information is managed well and simple to update by using cloud accounting software. You can easily find the required data by using the accounting software. In cloud accounting software each department data are tracked separately. Therefore, the user can easily update the expenses to their department.

Security

Every business people’s biggest concern is to secure their accounting information which is a confidential one. Therefore cloud accounting software provides reliable accounting solution for business owners. In the cloud-based system, financial information is updated in the cloud server.

Reliability

In earlier days, accounting information is tracked in the books and ledgers. When dealing with a large amount of financial data, the chances of getting high human errors.

Now a day you will get clear and accurate financial data by using the cloud accounting software. There is less chance of getting a human error and calculation mistakes. Hence cloud accounting software provides reliability for your business.

No Paper

Security is the biggest concern for every business people. If you are using paper products (like books, ledger) for accounting purpose, there is some chance of losing sensitive financial data. But in cloud-based accounting software, information is tracked in the cloud server and provides security for your business data.

With the advent of new technologies and developments around the globe, the global economic environment keeps on developing and thrives. Change, in this manner, turns into the new constant. As change turns into a need for organization development, an organization that keeps on reshaping their business processes and plan of action need to know about the latest accounting trends.

Accounting plays a major role in the business process.  Accounting function always provides more accurate and relevant information which helps in decision making.

Here we provide some of the current accounting trends for the business owners.

Cloud-based accounting solution

Cloud-based technology is the most important trend in the business world in 2019. In a Cloud-based accounting system, accounting software is run on the provider server and the financial information are accessed from everywhere through the internet. It also provides security for your financial information.

Automation of Accounting Function

Automation in accounting is one of the accounting trends in 2019 that is fueled by software technology. Accounting would now be able to be exceptionally automated without the requirement for significant physical intervention.  Latest accounting software minimizes the data entry works. This will prompt the effective use of capital and better resource management.

Integration of Accounting with Operations  

With the help of accounting software, one of the proceeding trends in accounting in 2019 is to integrate the accounting function.  This integration feature saves time by automating routine tasks.

Data Analysis

Data analysis is one of the key accounting trends in 2019. Based on the accounting information, the business decision is made.

Social Media Integration

Nowadays social media plays a major role in the technology world.  Now each and every business people and accounting professional prefers social media platform to communicate with their clients and colleagues to know about the latest business updates which may impact their work.

Changes in Accounting Standards

Accounting standards are regularly being revised and updated to stay aware of the occasions. Some of the accounting standards are developed before the advent of social media, ad-tech (digital advertising), and Shared economy (shared rides, lodging, etc.). This new plan of action significantly affects accounting. Accounting professionals need to stay aware of changes that are going on at a much faster pace than before. This trend will continue in 2019 and beyond.These are a few accounting trends in 2019.

Are you looking for new accounting software for your business? It’s a big deal. Nowadays everything is cloud-based computing. Before selecting the new accounting software you have to analyze and make a plan for it. In our post, we will share a few tips to evaluate and select new accounting software.

First, you have to understand your business requirements and analyze your market. Follow the below guides before the evaluation process.

Identify your business issues

Discuss with your team about the current accounting software obstacles. And get some suggestions for process improvements.

Prepare the top-down strategy

It is the best time to know about your current business requirements.   Based on the requirement you have to decide what are the functionalities need to add in the new accounting software.

Look at the Overall business

Then you have to ensure any new accounting system plays well with your business. If it plays well then analyze what are the factors interact with new accounting software.

To achieve business success consider all the data

If you want new accounting system with ease to access feature, you can use other business application which has a data generating feature. Through these features, you can easily access the financial and operational information.  As you evaluate systems, you can understand the financial and operational data combination. Through this process, you will information about business performance.

Document expected improvements and ROI.

After that, you have to tie your business requirements and vision to your expected return on investment. Through the documentation, you will get a benchmark to calculate the ROI.

These are the simple guide to evaluate the accounting software. To select the accounting software you have to consider a few things such as

Whittle down to a shortlist

You have to survey the vendors before purchasing the accounting software.

Dig deeper

Ask for the live demo. During the demo, you have to make sure whether your business requirements are met.

See how it will work for you

Ensure whether you can able to customize the application to meet your business requirements. And also check integration functionality. And then compare the total cost of ownership (TCO) of the systems you are evaluating.

Financial reporting software is used to record the financial and accounting information for a successful business. This software advance functionalities such as fixed assets and inventory also.  By using this financial reporting software for your business you can track all the financial information accurately and you can also get a reminder for tax payments. This kind of software reduces cost and improves efficiency.

Key features of Financial Reporting Software

Basic Accounting Tasks

Financial reporting software has basic accounting features like an invoice, financial report generation, and income and expense tracking.

Automation

Automation processes (recurring payments, automatic billing, and past due notifications) can be enabled by the financial reporting software to save your time.

Estimate and Quote Creation

Customize option is available in the financial reporting software to create estimates and quotes for clients. This estimate and quote template can able to convert as invoices.

Tax Preparation

Financial reporting software helps you in calculating the multiple tax rates and generates the tax reports.

Multiuser Access

Financial reporting software can be accessed by multiple users. You can restrict access for users.

Benefits of Financial Reporting Software

Simplified the Financial Processes

Real-Time Updates

Scalability

Workflow Management

Easier Number Handling

Simplified financial processes

Financial reporting software is easy to use.  No need training to access this software.

Real-Time Updates

A real-time update is one of the features of financial reporting software. Through this feature, overall reporting time will be reduced.

Scalability

By using the financial accounting software you can easily prepare any kind of reports such as customized presentations and reports which takes more time to prepare.

Workflow management

By automating the reporting process you can simply manage the workflow. For workflow management, you have to automate the following process such as

Deadlines setting for contributions

Responsibility delegating

Review managing

Notification sending

Source Tracking

Latest report status maintaining

Easier Number Handling

Financial reporting software has some accounting features to handle the numbers accurately. That features are conversion, rounding, and number formatting that saves the financier time to take a financial report.

Accounting software

Accounting software is one kind of the software to track the financial information and accounting transactions within functional modules such as accounts receivable, accounts payable, payroll and inventory etc… It helps in report generating, financial monitoring, cash flow management, invoicing, inventory tracking. And it reduces the manual error.

Singapore Accounting Software

MYOB Software

MYOB stands for Mind Your Own Business. This software helps in managing the cash flow, payroll etc. MYOB software can be access from anywhere in the globe. It generates the cash flow statements, profit and loss statements which help the management to manage, monitor and control business. MYOB always record the financial data accurately and each data are up to date. And cloud-based MYOB software reduces the financial and operational cost.

Sage UBS Accounting

Sage UBS accounting software is one of the computerized accounting software available in multiple languages such as English, Malaysia, Chinese and Thai language. And its financial modules are General Ledger, Accounts Receivable and Accounts Payable. This software is suitable for trading companies, retailers, restaurants and accounting firms etc.

Payroll Software

Payroll software is one of the accounting software which is used to track and maintain the employ payment records. This software helps the management to monitor the time and attendance, tax information and pay structure.

Customized Solutions

Custom solution software is designed for specific user or company to meet their specific needs which make their workflows easier, faster.  It minimizes the security risk and improves flexibility. Custom solution software reduces the integration problems with existing systems.

POS Software

POS stands for Point of sale software. Purchase of products from the retail shop is an example of a point of sale transaction. Point of sale software helps in sales transactions credit card payment processing, inventory management, labor reporting, menu customizations, price adjustments, staff management, sales reporting, customer management etc.

Inventory Software

Inventory software is used to track and manage product sales, material purchases, delivery of goods etc. By tracking this information it enhances business profitability.

Accounting software

Accounting software is one kind of the software to track the financial information and accounting transactions within functional modules such as accounts receivable, accounts payable, payroll and inventory etc… It helps in report generating, financial monitoring, cash flow management, invoicing, inventory tracking. And it reduces the manual error.

Singapore Accounting Software

MYOB Software

MYOB stands for Mind Your Own Business. This software helps in managing the cash flow, payroll etc. MYOB software can be access from anywhere in the globe. It generates the cash flow statements, profit and loss statements which help the management to manage, monitor and control business. MYOB always record the financial data accurately and each data are up to date. And cloud-based MYOB software reduces the financial and operational cost.

Sage UBS Accounting

Sage UBS accounting software is one of the computerized accounting software available in multiple languages such as English, Malaysia, Chinese and Thai language. And its financial modules are General Ledger, Accounts Receivable and Accounts Payable. This software is suitable for trading companies, retailers, restaurants and accounting firms etc.

Payroll Software

Payroll software is one of the accounting software which is used to track and maintain the employ payment records. This software helps the management to monitor the time and attendance, tax information and pay structure.

Customized Solutions

Custom solution software is designed for specific user or company to meet their specific needs which make their workflows easier, faster.  It minimizes the security risk and improves flexibility. Custom solution software reduces the integration problems with existing systems.

POS Software

POS stands for Point of sale software. Purchase of products from the retail shop is an example of a point of sale transaction. Point of sale software helps in sales transactions credit card payment processing, inventory management, labor reporting, menu customizations, price adjustments, staff management, sales reporting, customer management etc.

Inventory Software

Inventory software is used to track and manage product sales, material purchases, delivery of goods etc. By tracking this information it enhances business profitability.

Cloud Inventory Management System

Now a day we experience a dynamic transformation in business technologies. That dynamic transformation plays a major role in E-commerce business growth. Consumers like to do online shopping rather than purchasing on stores. To remain competitive e-commerce, business owners have to realize the cost-effectiveness, place and time utility for their consumers. For these purpose business owner can use the cloud-based inventory management system which provides numerous benefits such as Reduce cost, Capital efficiency, Customer satisfaction And other benefits to supply chain etc.

Benefits of Cloud Inventory Management System

Convenient inventory update

Visibility

Customer service for inventory and accounting management

Automated

Safety and security

Cost cutting

Real-time visibility

Convenient Inventory Update

By using the cloud-based inventory management system, business people can access business information from anywhere through the internet connection. If business owners have multiple businesses on multiple locations Cloud inventory management system makes their work very simple. They don’t need to inquire of each and every information through the phone. Through this system, such data will be reached from any operating system to anywhere in the globe.

Visibility

Though this cloud inventory management software business owners can easily track the inventory and stock movement of each and every channel. It helps to identify the out of stock incidences.

Customer Service

For E-commerce business success, customer service takes a major role. By tracking the avail levels of stock to customers, serve available customers and recognize loyal customers in Singapore cloud inventory management system which helped the business owners to improve customer service.

Automated

Through the automated process, a quick and informed decision is taken based on inventory availability.

Safety and Security

When cloud inventory management system used for the business organization we guarantee business owner’s valuable information will be safe. Business owners didn’t need a storage device for data backup. And all changes will be saved. Constant update on the cloud inventory management software guarantees security against cybercrimes

Cost Cutting

By using this system, business owners need not to do maintenance for both software and hardware.

Real-Time Visibility

Successful cloud-based inventory management should be able to relay real-time operation, such as Order execution, selling process and dispatch of the good to the customer.

Sage UBS Accounting Software is the UBS Corporation Bhd’s core product which was developed in 1990. This software has many features to handle the companies work in an easier and faster manner. It is available on multiple languages such as English, Bahasa Malaysia, Chinese, and Thai. General Ledger, Accounts Receivable and Accounts Payable is the module of Sage UBS accounting software that can be used in many companies and business such as

Trading Companies

Contractors

Non-Profit Organizations

Training Institutions

Retailers

Restaurants

Wholesales

Accounting Firms

Manufacturing Companies

Co-operative Society

Other Singapore accounting software is available in SAGE UBS Software such as

Sage UBS Time Attendance System

Sage UBS Accounting

Sage UBS Payroll

Sage UBS Assets Register

Sage UBS Point Of Sales (POS)

Sage UBS Inventory Management System

Sage UBS Human Resource Management System

In this post, you will know about the Sage UBS Time Attendance System.

Sage UBS Time Attendance System

Sage UBS Time Attendance System is a very useful software for company management. Through this software, management will get the employee information such as Employee working hours, lateness and their overtime hours. To track such data the Sage UBS time attendance systems refer to some resources that are Finger-Print Reader, Magnetic Card Reader, and Barcode Reader or direct from the Terminal Simulator.

Features of Sage UBS Time Attendance System

Personnel Maintenance

Through this option, the user can able to create individual particulars of employees

Badge

Through this option, the user can able to maintain an employee’s badge ID

Schedule Maintenance

Through this option, the user can able to maintain the work schedule, rest schedule, and overtime schedule

Duty Organizer

Through the duty organizer, employee’s monthly activities organized and tracked well. In one group multiple activities can able to create and schedule.

Allowances and Time Scale Formula Table

By linking the Sage UBS payroll software with Sage UBS time attendance system, the allowance and overtime claims are calculated based on employees allowance and overtime scale conditions

Terminal Maintenance

By using this system, employee’s data can easily import from external sources like ASCII files or ODBC database files

Attendance Processing and Time Scale Calculations

Through this option, employee’s total working hours, total rest time, overtime, and the punctuality are calculated and then the personnel attendance file will be updated

Reports

By using the Sage UBS time attendance system you will get some reports such as

Attendance Reports

Leave Reports

Clocking Reports

Lateness Reports

Overtime Reports etc.